Mortgage Insurance
With Mortgage Rates Low, Refinancing is the Smart Thing to do Mortgage rates spiked in January from the all time low, however last week, mortgage rates made the “largest one-weak improvement in 88 weeks by dropping 0.11 percentage points to 3.43% for the average 30-year fixed rate. The 15-year fixed mortgage rate made a steep [...]
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Learn Exactly How to Start Preparing For Buying Your First House If you are someone who is in the market for their first home, there are many questions that must be answered before you are ready to make an offer. What is my credit score? How much can I afford on my monthly and down [...]
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HARP 2.0 Refinance Program is Making Mortgage Payments More Affordable HARP was originally started in April of 2009 to assist people who were underwater on their mortgages, and wanted to lower their interest rate on their first mortgage. There were many changes to the original program that took effect in March, 2012. The program is [...]
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Is Private Mortgage Insurance a Bad Thing? Yes, I know this is a loaded question. I can’t tell you the number of times we have heard “if the loan has PMI, then I don’t want it”. That is before most folks even know what PMI actually stands for! Private Mortgage Insurance (PMI) is typically required [...]
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Your Guide to Choosing an FHA Loan or Conventional Mortgage When Buying A Home In Michigan Loan Programs and underwriting guidelines constantly change in the mortgage industry. It is a smart idea to review loan program information often during a new home search. Most people buying a home in Michigan come to the spot where [...]
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October 2012 FHA Streamline Refinance Update – No Appraisal Required To Qualify If your current mortgage has FHA financing, you must look into the FHA Streamline Refinance option as it is the easiest mortgage to qualify for and to close with no exceptions! Does Refinancing To A New Loan Make Sense? To justify refinancing, you [...]
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What Is An Overlay And Why Are They Needed? The majority of all Home Loans today are insured or backed by Fannie Mae, Freddie Mac or HUD. These agencies set the minimum rules and guidelines that a Lender must follow. The originating Lender assumes the liability on any credit decision that is made, and if [...]
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Lenders and Mortgage Insurance companies continue to open up their parameters and this has now trickled down to investment property purchase transactions! Typically most lenders require a 25% down payment for a purchase of an investment property, but we now have a 15% down payment option for your clients. This is huge because with the [...]
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Interest rates have touched all times lows again. If you plan on staying in your current home for at least 4-5 years, you may fall into one these categories below: 1 – You are NOT HARP eligible. You may be one of the people that do not have a Fannie Mae or Freddie Mac backed [...]
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We have had numerous conversations with Realtors on the last month where the response has been “I didn’t know that” or “that’s not how it used to be”… 1. Effects of Homeowner’s Insurance On Purchase Loans. ♦ Insurance Coverage must be in place PRIOR to receiving a “clear to close”. ♦ Cannot Wait [...]
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